If Park Bank is liable for not spotting Sujata "Sue" Sachdeva's $34 million embezzlement from Koss Corp. and has to reimburse the company, Koss Chief Executive Michael Koss should also be ordered to personally pay the public company he runs, the bank argues in a new lawsuit.

Grant Thornton, Koss Corp.'s former auditor, should also have to pay a portion of any award that may be ordered, Park Bank argued in the latest twist in a long-running court fight stemming from Sachdeva's massive embezzlement.

"Park Bank denies any and all liability to Koss in this case," the bank said in its action. "Nevertheless, should Park Bank be found liable to Koss (Corp.) and required to pay damages to Koss, in this case, those damages will have been the result of a common liability of Park Bank, Michael Koss and Grant Thornton, thereby entitling Park Bank to (a) contribution from Michael Koss and Grant Thornton."(10)

Retail Business News

Saying it can't find new employees fast enough, Ashley Furniture Industries Inc. will opt out of a state program that has been giving it tax credits for expanding its workforce in the western Wisconsin city of Whitehall.

The big furniture manufacturer said it will return $256,706 in tax credits it has received so far in connection with its investment in its Whitehall factory.

Ashley also said it will not go forward with plans to seek $6 million in tax credits for another project at its much-larger factory at its headquarters in Arcadia. Those plans sparked controversy last summer when the Wisconsin State Journal reported that the agreement with the Wisconsin Economic Development Corp. would let the company get the credits even if it slashed its Wisconsin workforce by half. (23)